The retail industry, one of the major weaknesses exploited by cyber criminals, must open itself to cross-industry collaboration and add an additional layer of verification for high-value transactions in order to prevent fraud, the Data Security Council of India and PayPal said in a joint report.
“Digital payments are ubiquitous in today’s connected world and have eased payments and transactions. However, the threat landscape has also grown dynamically as an unintended effect of the progressive momentum.
“This warrants attention from all stakeholders involved in the payment ecosystem to join hands and curb the growth of frauds and payment scams,” the report said.
According to the report, while the growth of online shopper is 73 per cent during in tier-I cities so far during the year, it is an exponential 400 per cent in tier-II and tier-III cities.
However, with the growth of online retail shopping, there has also been a growth in types of frauds. While the buyers are being cheated by perpetrators by luring them with false promotions and buyer coupons, the sellers are being defrauded by sale of counterfeit products, the report said.
“With the reports of fraud incidents at different scales at the national and global levels, the consumers have serious concerns over security and privacy. Integrating additional layers of security would have significant impact on the ease of performing transactions by consumers,” the report said.
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